Sun Setting on Bonds?

Three decades after declaring the "Dawn of a Bull Market" for fixed-income, Merrill calls for major switch to stocks.

Some 31 years ago, Merrill Lynch made an audacious market call. Not that it was bullish on America, as its iconic advertising campaign asserted; to say otherwise would be apostasy, after all. No, in 1981, the Thundering Herd declared the "dawn of a new bull market in bonds."

In a switch a generation, Bank of America Merrill Lynch's strategists now are declaring, "The Bond Era Ends." No longer will fixed-income...